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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice. For specific guidance, consultation with a licensed attorney or CPA is recommended. The content is copyright protected and cannot be copied or redistributed without consent. An Operating Agreement is an internal document for LLC members, detailing management structure and ownership percentages (membership interests). Unlike LLC Formation Documents, it is not submitted to the state but should be retained with business records. The agreement outlines member roles, management processes, and operational guidelines for the LLC.